Affirm Posts $1.26B Fiscal Q1 Revenue, Lifts GMV Outlook

Affirm Holdings, Inc. reported fiscal first-quarter revenue of $1.26 billion on Thursday, up 35% from a year earlier, and set a fiscal 2027 gross merchandise volume outlook of more than $65.25 billion, according to figures in its Form 8-K shareholder letter and coverage by Yahoo Finance. Diluted earnings were $0.47 a share, compared with $0.23 a year earlier. Yahoo Finance, citing Zacks, put the consensus at about $1.22 billion in revenue and $0.35 in earnings per share.

Gross merchandise volume rose 34% to $14.4 billion, Affirm’s twelfth straight quarter of GMV growth above 30%, the letter said. Active consumers reached 28.7 million, up 19%, and active merchants rose 48% to about 621,000. Transactions totaled about 56 million, up 34%. Nasdaq carried Affirm’s announcement that results for the quarter ended Sept. 30, 2026, were posted with a Form 8-K shareholder letter.

Revenue mix and card volume

GAAP operating income was $187.1 million, up 194% from $63.7 million a year earlier, and adjusted operating income was $379.7 million, up 44%, according to the letter. Revenue less transaction costs, a non-GAAP measure Affirm emphasizes, rose 36% to $617.1 million. Direct-to-consumer GMV grew 55% to $5.1 billion, led by Affirm Card GMV, which jumped 117% to $3.3 billion as active cardholders more than doubled to 6.0 million, the company said.

Interest income rose 45% to $658.1 million and remained the largest revenue line. Network revenue grew 23% to $393.4 million, gain on sales of loans rose 36% to $162.2 million, and servicing income rose 22% to $48.5 million, the letter said.

Credit metrics and funding

Thirty-day-plus delinquencies excluding Peloton and Pay-in-X loans stood at 2.9%, up 9 basis points year over year and 35 basis points from the prior quarter, Affirm reported. Funding capacity rose to $31.7 billion from $26.6 billion a year earlier. Net cash was about $1.9 billion at quarter end, with total liquidity near $3.0 billion against roughly $1.1 billion in convertible debt, the letter said.

Second-quarter and full-year targets

For fiscal second-quarter 2027, Affirm guided to GMV of $17.9 billion to $18.2 billion and revenue of $1.435 billion to $1.465 billion. The company said fiscal 2027 GMV should exceed $65.25 billion, with revenue as a percentage of GMV expected to be similar to fiscal 2026, around 8.49%. A conference call was set for 2 p.m. Pacific Time on Nov. 5, Affirm and Nasdaq said.

Sources: Yahoo Finance, Affirm Form 8-K Exhibit 99.1 via StockTitan, Nasdaq